Avadel Pharmaceuticals (AVDL) is facing a proxy battle from ASL Strategic Value Fund, which urged shareholders Monday to vote against all company director nominees at the annual meeting scheduled for July 29.

In an open letter, ASL accused Avadel's management of destroying significant shareholder value, citing alleged "missteps with the launch of Lumryz" resulting in missed revenue of $600 million to $800 million and earnings of around $5 to $7 per share.

ASL also called for the issuance of contingent value rights linked to potential recoveries from six ongoing legal cases against Jazz Pharmaceuticals, including one case that could result in over $1 billion in damages.

The fund also reiterated its call for Avadel to hire an investment bank to help "monetize the significant value inherent" in Lumryz.

Avadel did not immediately respond to requests for comment from MT Newswires.